Why Gemini Space Station Stock Fell by Almost 22% This Week

Despite its name, Gemini Space Station (NASDAQ: GEMI) is not a space exploration company. Rather, it's an operator of a cryptocurrency exchange. That's not necessarily a comfortable business to be in lately, as the crypto market has been sliding lately.This, combined with an earnings report bathed in red ink, pushed the company's stock down this week. According to data compiled by S&P Global Market Intelligence, Gemini shares lost nearly 22% of their value during the period.Over the past few days, concern has grown among analysts, economists, and investors alike about the dimming prospects for a Federal Reserve (Fed) rate cut. This has hurt many crypto prices, as such assets are relatively risky, and rate cuts generally stimulate demand for them. The converse can be true when rates are left as is; hence the broad sell-off in coins and tokens.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool